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Business Ownership
Key Terms
14
Business
11th Grade
03/16/2017

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Term
Corporation
Definition
A company or group of people authorized to act as a single entity and recognized as such in law
Term
Franchise
Definition
An authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities.
Term
Intermediaries
Definition
A person who acts as a link between people in order to try to bring about an agreement or reconciliation; a mediator
Term
Limited Liability 
Definition
A person's financial liability is limited to a fixed amount
Term
Manufacturers 
Definition
Making something on a large scale using machinery
Term
Nonprofit
Definition
Not making or conducted primarily any goods to make a profit
Term
Service
Definition
The action of helping or doing work for someone else
Term
Partnership
Definition
An arrangement in which two or more people share the profits and liabilities of a business
Term
Processors
Definition
A machine that processes something
Term
Producers
Definition
A person, company, or country that makes, grows, or supplies goods or commodities for sale
Term
Retailer
Definition
A person or business that sells goods to the public in small quantutues for use or consumption rather than resale
Term
Sole Proprietorship 
Definition
A person who owns the business and is personally responsible for its debts
Term
Stock
Definition
The goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.
Term
Unlimited Liability
Definition
Gerneral partners who are liable for all business debts if the business can't pay all of its liablities.
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